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(Kitco News) – Copper producer Ivanhoe Mines (TSX: IVN) announced on Monday that the company has been granted 22,195 square kilometres of greenfield prospecting rights for exploration in the Moxico and Cuando Cubango Provinces of Angola.
The company said the extensive package of prospecting rights covers “highly prospective” greenfield copper exploration ground.
Ivanhoe said its exploration activities are expected to commence following team mobilization in the new year. The company added it has committed to an initial exploration budget for the region of $10 million.
According to Ivanhoe, the prospecting rights are granted for an initial period of five years and may be extended for a maximum of seven years. At the end of the initial period of five years, 50% of the prospecting rights are required to be relinquished.
“Ivanhoe Mines has an exceptional track record of discovering tier-one deposits in new frontiers… and we are now commencing exploration activities in the underexplored regions of Angola that we believe could host an extension of the Central African Copperbelt,” said founder and executive co-chairman Robert Friedland.
Ivanhoe Mines is a Canadian mining company focused on advancing its three principal projects in Southern Africa; the expansion of the Kamoa-Kakula copper complex in the DRC, the construction of the Platreef palladium-nickel-platinum-rhodium-copper-gold project in South Africa; and the restart of the historic Kipushi zinc-copper-germanium-silver mine, also in the DRC.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
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